Template:Nutshell 1995 CSA Exposure

“Exposure” means, for a party on a Valuation Date, any amount payable to it by the other party (if so, a positive number) or by it to the other party (if so, a negative number) under Section 6(e)(ii)(1) were all Transactions (other than the CSA) being terminated at the Valuation Time, assuming that:

(i) it is not the Affected Party and

(ii) the Base Currency is the Termination Currency;

where the Valuation Agent will determine Market Quotations based on its mid-market estimates for Replacement Transactions (as contemplated in “Market Quotation”).